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of <h1>Supreme Court Rules Employee Fund Contributions Must Meet Deadlines for Tax Deductions; Section 43B Not Overriding.</h1> The Supreme Court addressed whether assessees could claim tax deductions for belated deposits of employees' contributions to provident and insurance funds. The court distinguished between employer and employee contributions, emphasizing that employee contributions must be deposited by the due date specified under relevant laws to qualify for deductions. The court upheld that non-compliance with these deadlines results in permanent disallowance of deductions for employee contributions. The ruling clarified that Section 43B does not override this requirement. The decision favored the Revenue, affirming that deductions are contingent upon strict adherence to statutory deadlines for fund deposits.
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